Motivações na escolha do modelo de governação: evidência nas empresas cotadas portuguesas

Abstract

This study aims to identify the motivations/reasons why the Portuguese companies with securities listed on the Euronext, between the years of 2006-2013 decided by a governance model over another(s). For this purpose, it is intended primarily to understand and find out what are the factors that explain why, between 2006 and 2007, a considerable number of companies decided to abandon the Simple Latin Model and adopt the Reinforced Latin Model. Secondly, sought to fin empirical evidence to explain, why organizations choose between the Latin model and Anglo-Saxon on existing literature we defined as independent variables: Shareholder Concentration, Independence of tile Board of Directors, Corporate Governance Robustness, Saxon model, the logistic regression model (logit), we found a negative relationship between the size and between the periods 2006-2013. Based Internationalization, Dimension, Debt, Profitability, Shareholder Structure, Type of Auditor and Listing Status. Using Reinforced Latin Model, concluding that, between the years 2006 and 2007 were the smaller companies that have moved from Simple Latin Model for Reinforced Latin Model. Relative to the larger study between the years 2006-2013 (Latin Model vs. Model Anglo-Saxon) the results were more comprehensive and found more variables with explanatory capabilities, all with a positive association: the independence of Board of Directors, the Corporate Governance robustness and the presence of public funds in the shareholder structure.